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November 2017 Archives

We help people file Chapter 13 for many reasons

As this blog has discussed on several previous occasions, many residents of Louisville, Kentucky, who find themselves in financial trouble may consider Chapter 13 bankruptcy as an option for debt relief. As has been explained, a Chapter 13 bankruptcy involves making and performing a repayment plan in which all or part of a debtor's disposable income goes to repay the person's creditors.

Average household debt soars to new heights

Although the figures had not been completely processed, the Federal Reserve Bank announced recently that the people of Louisville, Kentucky, along with their fellow Americans, are carrying around almost $13 trillion in consumer debt. This marks the 13th quarterly increase in this figure in a row and is also the highest number on record.

Can Kentucky businesses contract bankruptcy rights away?

It is very likely that few businesses go into operation with the idea that they will go bankrupt. Generally business owners are looking to run profitably for the foreseeable future. However, the possibility of failure always exists, as business is a risky proposition even under favorable circumstances. Further, the use of business bankruptcy may be in the best interests of the business' owners and investors in many cases, as it may allow the business to reorganize and shed useless debt. Of course, a business' creditors may not always see it that way, and sometimes will seek to minimize the possibility of a bankruptcy filing.

What factors may prevent me from filing for Chapter 7 bankruptcy?

As readers of this Louisville legal blog may know, bankruptcy is a legal process that allows a person to manage their debts, pay off financial obligations and set themselves up to emerge from the process with a clean monetary slate. There are two main types of bankruptcy that individuals may choose to pursue to take control of their debts - Chapter 13 bankruptcy and Chapter 7 bankruptcy. This post will briefly discuss Chapter 7 bankruptcy and will focus its content on the factors that may limit a person's ability to use it as a means of achieving financial freedom.

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